Help! How to finalize a CPO Deal (a.k.a. right car)

bavarianboar · 06-08-2010, 06:59 PM

Here is the thing, on behalf of a friend, trying to figure out what is RIGHT approach.

What is the better way to go about purchasing a CPO for someone who cares about their money and will keep their car nicely for about 3 years. In other words, a decent car at a decent price, as opposed to a wonderful deal on a car which may be sold cheaper for god knows what reasons.

Would you rather jump on the very first CPO (Car A) you see at the dealers lot, which matches your specs, has low miles and finalize the deal right away (given the price is right)?

Or would you see all the CPO cars (say only 4 of them total) available in the neighboring dealerships, and then make a decision, even though the price may be say about $500 - $2000 different from the Car A, to start with (BEFORE any negotiations).

What is the best practice to go about purchasing a CPO while weighing all factors in the right way?

I would personally go with checking out all cars and figuring out what deals all those 3-4 dealerships have to offer on THEIR respective cars and then make a decision. I might be wrong, as I am not a buyer who has a tonne of purchasing experience.

Comments/Suggestions, greatly appreciated.

Thanks guys!

Obsessive · 06-08-2010, 07:23 PM

I'm currently going through this process right now.

I've checked CPO vehicles at my local dealers, which were priced $2-3K higher than the other dealerships in the Chicago area for an equivalent vehicle. What I've found is that while they're listing them as 'CPO's, it's pretty much like any other used vehicles - they vary greatly in condition.

I'm taking a trip to the Chicago area to do some shopping tomorrow, as I want to find the best example of a CPO for a price (well, that and I want a manual 328i and they're hard to come by).

My advice would be to shop around. It simply doesn't make sense to shop at a single dealership if you have others to select from. Heck, I have to drive 2.5 hours to check some additional cars out and I feel it's worth my while.

plc44 · 06-08-2010, 07:48 PM

I feel like you have your mind made up. I agree though, definitely look around, and do your research...

bavarianboar · 06-08-2010, 07:51 PM

Quote:

Originally Posted by plc44

I feel like you have your mind made up. I agree though, definitely look around, and do your research...

On the contrary, I like the leasing aspect, suits me better perhaps based on the factors I consider.

But the question is really for a friend, it is good to know from more experienced members, what they would do in case of a CPO.

Hoping for some suggestions!

bavarianboar · 06-08-2010, 09:55 PM

Looks like I am going to end up in a convoluted friendly argument with my friend.

Come'on guys! Your suggestions and opinions are valuable!

der_kommissar · 06-08-2010, 10:14 PM

I had looked at some non CPO 328i's but got really turned off when I found that many of them had accident records thru carfax. I actually had a contract for one but backed out at the last second due to the carfax record. I ended up with the first dealer CPO I drove- it was the right color (montego blue/tan), had minimum amount of equipment I wanted, low mileage (2007 @ 27,000) and I got the price I wanted. I also got more for my trade than the non-bmw dealer offered. I would have kept looking if I could one or two of those things had been off.

It's hard to fully maximize a car decision because you can only negotiate in good faith with one dealer for a price at a time. Find the car that you like the best regardless of starting price, then negotiate. If you don't get the price you want, walk and start with the next best one. If the next best one is not acceptable, wait.

Chriztofor · 06-08-2010, 10:47 PM

Quote:

Originally Posted by Obsessive

I'm currently going through this process right now.

I've checked CPO vehicles at my local dealers, which were priced $2-3K higher than the other dealerships in the Chicago area for an equivalent vehicle. What I've found is that while they're listing them as 'CPO's, it's pretty much like any other used vehicles - they vary greatly in condition.

I'm taking a trip to the Chicago area to do some shopping tomorrow, as I want to find the best example of a CPO for a price (well, that and I want a manual 328i and they're hard to come by).

My advice would be to shop around. It simply doesn't make sense to shop at a single dealership if you have others to select from. Heck, I have to drive 2.5 hours to check some additional cars out and I feel it's worth my while.

Try exotic motors ( exotic-motors.com) that is where I bought mine.

ABQ325i · 06-08-2010, 10:57 PM

I shopped around and found one 400 miles away, did the deal over the phone then Saturday morning took a short plane ride to get it and had a fun drive back getting to know my new car.

Less than two weeks later we found a great deal on a 330i almost 1000 miles away, did the deal over the phone again and had someone pick it up and bring it back to us.

Don't ever settle for what is close in this day and age, take your time and shop the country.

bavarianboar · 06-09-2010, 01:38 AM

Thanks guys! I know I answered my own question in the very first post.

It is great to know people have had different experiences.

Much appreciated

dcorn · 06-09-2010, 08:21 AM

I agree with the search around crowd. I live in VA and bought my car just outside of Chicago. Had (nearly) every option I wanted, the colors I wanted and was a great price with low miles. Naturally, it wasn't in the 'perfect' condition I was promised, but oh well, nothing too extraordinarily bad. I flew to Chicago and drove the car 12 hours home all in one day.

If I had to do it again, I'd probably just keeping looking for a CPO and go through a BMW dealer to make sure everything is perfect. The only local CPO I found that fit my criteria was just way too much money also.

LuisBoston · 06-09-2010, 08:25 AM

Quote:

Originally Posted by bavarianboar

Here is the thing, on behalf of a friend, trying to figure out what is RIGHT approach.

What is the better way to go about purchasing a CPO for someone who cares about their money and will keep their car nicely for about 3 years. In other words, a decent car at a decent price, as opposed to a wonderful deal on a car which may be sold cheaper for god knows what reasons.

Would you rather jump on the very first CPO (Car A) you see at the dealers lot, which matches your specs, has low miles and finalize the deal right away (given the price is right)?

Thanks guys!

Get exactly what makes you happy, even if it costs a few dollars more. Otherwise you might kick yourself 3 months later. Buyers remorse sucks!

bavarianboar · 06-09-2010, 02:25 PM

Thanks guys!

I believe looking at a car in person and looking at all your car options is the way to go. Most of them are within 30 mile radius.

nogard13 · 06-09-2010, 03:23 PM

The first thing is to get the maintenance records for each car. If you ask the SA, they will email them to you and you can study them. I found several CPOs that had my exact specs and were priced right, but when I looked at the maintenance log I found tons of stuff that scared me off.

06-08-2010, 06:59 PM	#1
bavarianboar Lieutenant Colonel 549 Rep 1,903 Posts Drives: 2020 540i, 2020 430i Join Date: Mar 2010 Location: NorCal iTrader: (0)	Help! How to finalize a CPO Deal (a.k.a. right car) Here is the thing, on behalf of a friend, trying to figure out what is RIGHT approach. What is the better way to go about purchasing a CPO for someone who cares about their money and will keep their car nicely for about 3 years. In other words, a decent car at a decent price, as opposed to a wonderful deal on a car which may be sold cheaper for god knows what reasons. Would you rather jump on the very first CPO (Car A) you see at the dealers lot, which matches your specs, has low miles and finalize the deal right away (given the price is right)? Or would you see all the CPO cars (say only 4 of them total) available in the neighboring dealerships, and then make a decision, even though the price may be say about $500 - $2000 different from the Car A, to start with (BEFORE any negotiations). What is the best practice to go about purchasing a CPO while weighing all factors in the right way? I would personally go with checking out all cars and figuring out what deals all those 3-4 dealerships have to offer on THEIR respective cars and then make a decision. I might be wrong, as I am not a buyer who has a tonne of purchasing experience. Comments/Suggestions, greatly appreciated. Thanks guys! Last edited by bavarianboar; 06-08-2010 at 07:27 PM.. Reason: title
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06-08-2010, 07:23 PM	#2
Obsessive New Member 2 Rep 5 Posts Drives: 2009 Subaru WRX Join Date: May 2010 Location: Illinois iTrader: (0)	I'm currently going through this process right now. I've checked CPO vehicles at my local dealers, which were priced $2-3K higher than the other dealerships in the Chicago area for an equivalent vehicle. What I've found is that while they're listing them as 'CPO's, it's pretty much like any other used vehicles - they vary greatly in condition. I'm taking a trip to the Chicago area to do some shopping tomorrow, as I want to find the best example of a CPO for a price (well, that and I want a manual 328i and they're hard to come by). My advice would be to shop around. It simply doesn't make sense to shop at a single dealership if you have others to select from. Heck, I have to drive 2.5 hours to check some additional cars out and I feel it's worth my while.
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06-08-2010, 07:48 PM	#3
plc44 New Member 0 Rep 25 Posts Drives: BMW e90 335i Join Date: May 2010 Location: College Station, TX iTrader: (0)	I feel like you have your mind made up. I agree though, definitely look around, and do your research...
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06-08-2010, 09:55 PM	#5
bavarianboar Lieutenant Colonel 549 Rep 1,903 Posts Drives: 2020 540i, 2020 430i Join Date: Mar 2010 Location: NorCal iTrader: (0)	Looks like I am going to end up in a convoluted friendly argument with my friend. Come'on guys! Your suggestions and opinions are valuable!
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06-08-2010, 10:14 PM	#6
der_kommissar Private First Class 16 Rep 194 Posts Drives: 2015 Midnight Blue X1 xDrive28 Join Date: Apr 2010 Location: St. Louis, MO iTrader: (0) Garage List 2007 328i [0.00]	I had looked at some non CPO 328i's but got really turned off when I found that many of them had accident records thru carfax. I actually had a contract for one but backed out at the last second due to the carfax record. I ended up with the first dealer CPO I drove- it was the right color (montego blue/tan), had minimum amount of equipment I wanted, low mileage (2007 @ 27,000) and I got the price I wanted. I also got more for my trade than the non-bmw dealer offered. I would have kept looking if I could one or two of those things had been off. It's hard to fully maximize a car decision because you can only negotiate in good faith with one dealer for a price at a time. Find the car that you like the best regardless of starting price, then negotiate. If you don't get the price you want, walk and start with the next best one. If the next best one is not acceptable, wait.
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06-08-2010, 10:57 PM	#8
ABQ325i Private First Class 16 Rep 158 Posts Drives: 08 E60 535i + 06 E90 330i Join Date: Apr 2010 Location: Albuquerque iTrader: (4) Garage List 2008 535i [0.00] 2006 330i [0.00]	I shopped around and found one 400 miles away, did the deal over the phone then Saturday morning took a short plane ride to get it and had a fun drive back getting to know my new car. Less than two weeks later we found a great deal on a 330i almost 1000 miles away, did the deal over the phone again and had someone pick it up and bring it back to us. Don't ever settle for what is close in this day and age, take your time and shop the country.
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06-09-2010, 01:38 AM	#9
bavarianboar Lieutenant Colonel 549 Rep 1,903 Posts Drives: 2020 540i, 2020 430i Join Date: Mar 2010 Location: NorCal iTrader: (0)	Thanks guys! I know I answered my own question in the very first post. It is great to know people have had different experiences. Much appreciated
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06-09-2010, 08:21 AM	#10
dcorn Captain 94 Rep 958 Posts Drives: 2008 E90 335i Join Date: Dec 2009 Location: NoVA iTrader: (2)	I agree with the search around crowd. I live in VA and bought my car just outside of Chicago. Had (nearly) every option I wanted, the colors I wanted and was a great price with low miles. Naturally, it wasn't in the 'perfect' condition I was promised, but oh well, nothing too extraordinarily bad. I flew to Chicago and drove the car 12 hours home all in one day. If I had to do it again, I'd probably just keeping looking for a CPO and go through a BMW dealer to make sure everything is perfect. The only local CPO I found that fit my criteria was just way too much money also.
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06-09-2010, 02:25 PM	#12
bavarianboar Lieutenant Colonel 549 Rep 1,903 Posts Drives: 2020 540i, 2020 430i Join Date: Mar 2010 Location: NorCal iTrader: (0)	Thanks guys! I believe looking at a car in person and looking at all your car options is the way to go. Most of them are within 30 mile radius.
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06-09-2010, 03:23 PM	#13
nogard13 Second Lieutenant 36 Rep 221 Posts Drives: 2006 325i Join Date: Mar 2010 Location: Durham iTrader: (0)	The first thing is to get the maintenance records for each car. If you ask the SA, they will email them to you and you can study them. I found several CPOs that had my exact specs and were priced right, but when I looked at the maintenance log I found tons of stuff that scared me off.
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